If only property I have is bitcoin

[Riginac111]

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of my investment and if only investment i have is bitcoin, and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment, when  I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

[1714571803]

1714571803

[1714571803]

1714571803

[1714571803]

1714571803

[albert0bsd]

You shoul read the next topic it is very useful

Using Locktime for inheritance planning, backups or gifts

Basically you need to tech them how to use bitcoin, wallets and other stuff. And keep a signed transaction for them, that is locked by that method. They should be able to broadcast it when the time arrive

[Z-tight]

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

You are the one who knows your family and not member's of this forum, so if you trust them enough, then show them your seed phrase and also teach them about BTC so they know exactly what to do with it when the time comes. Your keys, your coins and your decision.

[Fivestar4everMVP]

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of my investment and if only investment i have is bitcoin, and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment, when  I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Actually, this is something that I think have been discussed on this forum and board a couple of times in the times, but what I have to say is, if you are old or not so blessed with good health, i do not see why you shouldn't have someone in your family whom you trust enough to share secrets like this with, for someone that is married, I personally think your wife is the best person to share this secret with.

But here is what i think is the most important, she will have to be savvy with bitcoin and crypto in general, so if she is not yet into crypto, it is advised that you bring her, teach her all you know about crypto and also encourage her to make a few investments of her own in bitcoin, this way , she gets to understand perfectly how the entire system works. And this way as well, you are at peace with yourself since you already know that you have someone who knows exactly what you know about bitcoin and cryptocurrencies in general, and that if anything should happen to you, she will know how to manage all your crypto investments well just as you would have.

[Bd officer]

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of my investment and if only investment i have is bitcoin, and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment, when  I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

It is best to invest with Bitcoin privacy in mind. It is impossible to tell when people will die. You can write down your seed phrases in your personal diary. Because if you die surely your family members can check the diary. You can do more, write in a diary and tell your family's trusted person about Bitcoin, that you are investing. It is better not to tell anyone the password/private key of the wallet. Tell your trusted person that you have written down all your investment information in this diary. You can keep the diary in a locker at your home. You can follow this method if you want. Many have given advice, many more will give advice, whatever you think is best for you, you will do it.

[Kemarit]

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of my investment and if only investment i have is bitcoin, and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment, when  I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

You are the one that can answer it, whether you let your family or at least your wife or your partner in your little secret about Bitcoin and the seed phrase. And that is if you really trust her to give everything even if you are still alive.

As far as your second question, maybe you can dig on this old threads here:

• Please review my inheritance strategy
•  Bitcoin Inheritance Protocol with delayed broadcast (improved Dead Man's Switch)
•  Using Locktime for inheritance planning, backups or gifts
•  Death & Bitcoin: How I Prepared My Family’s Digital Inheritance
•  HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION
  

[Darker45]

No, you shouldn't show your family your seed phrase. Your seed phrase should be yours alone, but let them know that you are into Bitcoin. That's not a hard thing to do I guess. Surely, you must have talked about it a number of times, even if in passing. So they must already have an inkling that you have Bitcoin. I'm even thinking that if you're vocal enough about Bitcoin, somebody in your family must have also been convinced about it and is into Bitcoin himself/herself. When you die, they will certainly go over what you've left, your notes and all, and they will find it.

[mirakal]

You know, it's a good idea to have a plan for passing on that seed phrase to someone you trust in case anything unexpected happens. Life is short, my friend, and you never know what might come your way. Sharing the wealth, so to speak, with those you care about while you're still here is a nice thought. As long as they're trustworthy and know how to handle crypto stuff, there shouldn't be any issues with that.

[Isuru_]

You only have bitcoin , not bad but you want to consider about these facts .
bicoin is volatile , your buy price or sell price.
also you want to know about how you give your only one assets to your children's Teach them or show them how it works ,
Time is fly away - always search about new opportunity s in crypto

[Odohu]

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of my investment and if only investment i have is bitcoin, and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment, when  I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

You are the one that can answer it, whether you let your family or at least your wife or your partner in your little secret about Bitcoin and the seed phrase. And that is if you really trust her to give everything even if you are still alive.

As far as your second question, maybe you can dig on this old threads here:

• Please review my inheritance strategy
•  Bitcoin Inheritance Protocol with delayed broadcast (improved Dead Man's Switch)
•  Using Locktime for inheritance planning, backups or gifts
•  Death & Bitcoin: How I Prepared My Family’s Digital Inheritance
•  HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION
  

I believe there is already an extensive discussion in those threads with several suggestions made that can be implemented even by those who are not tech savvy. Even though some of those threads are locked, I don't know if there is any new discoveries that can be discussed here.

[mk4]

You don't need to show them right now, but at least have some written instructions for them on how to gain access and retrieve/sell the funds to find if something happens; preferably stored in a decent quality fire-proof safe.

[pinggoki]

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

You don't have to show your seed phrase to your family until your dead, you can hire a lawyer and create a will where you write your seed phrase in a paper or something that can't easily be destroyed and then put a clause in your will that that document that stores your seed phrase can only be accessed by the people that's on your will. Regarding your second question, I don't think you have to think about it right now, live in the moment, thinking when and where you will die will only fill your heart with dread and that's not the way to live imo.

What @albert0bsd said can help you a lot, take the time to read the link he provided.

[armanda90]

Depend on trust with your family have to show seed phrase or not, but most important you need educate to your family with bitcoin knowledge and guide them way how to withdraw or cash out bitcoin to fiat fund. Better make little instruction with your seed phrase without directly talk them about your bitcoin investment, however need transparent to your family with how much bitcoin assets do you have and make them understand later for withdrawing it.

Have good planning and looking two side with positive and negative impact when sharing your seed phrase to your family, not all family can't trust it and you need to know their character are believing or not and you need some one else for sharing seed phrase.

[uneng]

Well, if you are going to introduce your family to the basics of Bitcoin and give them instructions on what to do in case something happens to you, you are automatically allowing them access to your funds. I'm not against it and I really think it's an important security measure to be adopted, because accidents happen and we are unable to predict the future. Just make sure the family members you are going to communicate on this matter are trustful people who won't cheat on you in anyways.

However, if you aren't 100% sure about their trustworthiness, I would say it's better to let your BTC holdings sink in the depths of the unknown digital universe forever than giving them any relevant information...

[Fundamentals Of]

I'm sure you have a folder or an envelope containing your most important files. They're probably kept in a vault or a fire-proof storage or hidden somewhere that's not easy to access. You can include in there certain notes about your Bitcoin. You can even include your Bitcoin information in your bank's vault if you have one. This might not be highly recommended by other people but to an old man who can easily forget where he put his stuff, this is a safer option.

[michellee]

You should ask yourself that first because the person who knows your family members better is you. Once you find the answer, you can know what to do. We can advise you to show your initial phrase to your family and make a will for one or several family members you trust.

But you can also keep it a secret from your family members while still looking for the right way to reveal it to your family members. Everything you will do depends on your trust in your family members. If you can't trust one or more of your family members, maybe donating their Bitcoin is how you can do it.

Or you can sell the Bitcoin when the price increases very high. After that, you can distribute the money from selling Bitcoin to your family members so they don't need to know about your Bitcoin. There are many suggestions for what you can do, but it depends on the circumstances of your family members.

[yhiaali3]

Yes, this is a question that every person who works in Bitcoin asks when he is worried about death and the fate of Bitcoin and his family after him, but the answers differ according to each person’s situation.

There are many ways mentioned by the members above. For me, I prefer to keep the seed for myself and I do not prefer to give it to my family because they may not be able to preserve it well because they do not have sufficient experience.

Therefore, I sometimes think of writing the seed in a file and encrypting it with a strong password. I can give my wife the password and ask her to open the file after I die to recover the bitcoins in the wallet using the seed.

[Husires]

You can create a multi-signature wallet, give them one of the keys, leave the other in a safe place that they can find by reading the will, and the third in a bank safe that they can access after confirming your death.
Learn how to make it using [Tutorial] Passport-Sparrow-multisig wallet.
If the number of your family members is large, you can create more signatures, but at some point you must trust two or three of them or in a safe place that they cannot access until after your death. This way you will guarantee that they will get it, but you will not guarantee that they will use it well, so you raise them financially independent will help with that.

[letteredhub]

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

I have two choices about this and this choice's also depends on the individual as he would want it.

1. The first choice which has already been giving by the first commenter which is about the use of locktime mechanism so your posterity can have access whenever you are gone unexpectedly.

2. This second choice has to do with trust, which is a rare commodity. If you trust a family member so damn we'll be it your daughter or son and you wouldn't want them to wait for years due to a locktime after you're gone before having access  to your asset you can reveal your seed phrase to that very child.

 Reasons behind this choice is that my children don't have to be suffering facing financial hardship for the next 5 years or more after am long gone before they start enjoying my wealth depending on how many million blocks I set-up for my locktime encryption.

[BlackBoss_]

> should I show my family my seed phrase ?

Depends on you. If you want someone you love to inherit your bitcoin, let them know. If you don't want anyone to inherit your coin, keep the secret for yourself.

> If I die who will take over my bitcoin since nobody knows my seed phrase?

If you don't leave any wallet backup, nobody will get access to your wallet backup and your bitcoin will be a donation for everyone. Like a lost bitcoin, it is a donation for everyone.

Dying bitcoins

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.